Facebook's cryptocurrency plan draws ECB warning on regulation

Financial regulators must act fast to prepare for the push by US tech giants such as Facebook into the financial system, according to European Central Bank Executive Board member Benoît Cœuré.

"It's out of the question to allow them to develop in a regulatory void for their financial service activities, because it's just too dangerous," Cœuré said on Sunday. "We have to move more quickly than we've been able to do up until now."